Unit 2 - Economics - Quiz 1 Question Preview (ID: 63407)


Economics Basics, Interest Rates, Supply And Demand. TEACHERS: click here for quick copy question ID numbers.

Economics
a) Dismal Science
b) Fun Science
c) Soft Science
d) it's not a science

Which best represents the idea that there are winners and losers in the economy
a) Every gets what they want
b) Government aid results in higher taxes
c) No one gets what they want
d) Government aid results in higher taxes

Government aid to those in need (firms and households)
a) taxes
b) interest rates
c) subsidies
d) scarcity

Goods and resources are limited
a) subsidies
b) interest rates
c) taxes
d) scarcity

money paid on top of loan or the cost to borrow
a) taxes
b) interest
c) subsidies
d) scarcity

Percentage of a loan that is paid in addition to the principal (loan amount)
a) taxes
b) interest rates
c) subsidies
d) scarcity

How does the government pay for services and aid?
a) scarcity
b) interest rates
c) subsidies
d) taxes

individuals make choices
a) Free Market Economy
b) Socialist Economy
c) Communist Economy
d) Survival Zombie Apocalypse Economy

individuals make choices
a) Capitalist Economy
b) Socialist Economy
c) Communist Economy
d) Survival Zombie Apocalypse Economy

Government makes choices
a) Free Market Economy
b) Socialist Economy
c) Capitalist Economy
d) Survival Zombie Apocalypse Economy

Government makes choices
a) Free Market Economy
b) Capitalist Economy
c) Communist Economy
d) Survival Zombie Apocalypse Economy

Which pairing is incorrect
a) Government: Businesses
b) Households: Individuals
c) Firms: Businesses
d) Government: Taxes

Which is NOT a way the government affects the economy
a) taxes
b) regulation
c) Producing Goods
d) subsidies

Which is NOT a result of more borrowing?
a) More Money
b) Economy Shrinks
c) More Spending
d) Economy Grows

Which is NOT a result of low interest rates?
a) More Money
b) More Spending
c) Economy Shrinks
d) Economy Grows

Which is NOT a result of high interest rates?
a) Economy Grows
b) Less Money
c) Less Spending
d) Economy Shrinks

amount of a good/service producers will sell
a) interest rates
b) taxes
c) Demand
d) Supply

amount of a good/service consumers will buy
a) Demand
b) Supply
c) taxes
d) interest rates

Which of the following pairings is incorrect?
a) Demand ▲ ► Price ▼
b) Supply ▲ ► Price ▼
c) Supply ▼ ► Price ▲
d) Demand ▲ ► Price ▲

Which statement is false?
a) Supply affects price
b) Demand affects price
c) Supply affects demand
d) Supply and Demand determine price

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